The £1,000 emergency fund challenge.

Calling14

Well put another 20 pounds in the fund today hope I don't have to dip into it. Things tight this week.

Welcome all new members good job we moved from the phone box to the pub now Patman.

StressedSteph

Can you add me please Patman :j

I LOVE Dave Ramsey and listen to him almost every day. BUT I do feel abit of a fraud because I have never managed to achieve his Baby Step 1 - £1000 Emergency fund.

i was in such a rush to get the debt level going down that the most i ever managed was about £400, then an emergency hit and I have never replenished it :o:o.

So this year I am on track to have paid off 10k of debt by December. Which has me about half way through my debt busting.

BUT I really need to sort this emergency fund, so for the foreseeable I will ONLY be making my minimum payments to my debt until I have achieved Step 1.

It is sooo important to put small savings away for emergencies, Christmas, birthdays etc because without these, this is what makes me fall of my debt busting wagon because the setbacks really effect me badly.

This challenge may be enough to help me finally achieve my Baby Step 1.

Thanks for starting it.

I have the amazing amount of £6.25 / £1000

Trixxibell

Hi all,

Monthly DD went out of £50 to my in case of emergency (ICE) account.

Onwards slowly but surely.

YoungBusinessman

Im joining this as of right now...so whacked in the first 5%, £50...hopefully this will start to ease my money worries as they are almost out of control right now.

patman99

This thread is a bit like the ark in so much that the MSEers come in 2 by 2.

Welcome both new members.

Tomorrow is payday (yay). I like being weekly paid as it helps me budget so much better.
Have decided to add the £61 I transferred to my NW account from my Nationwide Reg. Saver & flexsaver ISA accounts.
Even if I then need to access it, It will be available easily.

kermit2601

patman99 wrote: »

This thread is a bit like the ark in so much that the MSEers come in 2 by 2.

Welcome both new members.

Tomorrow is payday (yay). I like being weekly paid as it helps me budget so much better.
Have decided to add the £61 I transferred to my NW account from my Nationwide Reg. Saver & flexsaver ISA accounts.
Even if I then need to access it, It will be available easily.

Really?

I've just moved jobs from monthly pay to fortnightly and it making it a nightmare just now. Hopefully get better as I figure out the best way to pay all the bills etc.

I'm afraid that I'm not going to have any cash left over from my allowance this week as I've just been told last night that it's a mate's leaving do (from his work) tonight so going for a drink. :beer:

Will make an extra effort next week!:o

YoungBusinessman

Kermit im on fortnightly pay aswel, the best part about it is if you end up with 3 fortnightly pays in one calander month, its almost as if its alot easier to save money even if theres an extra week in the month. Would love to go for a drink tonight but rained off work today, weather is horrible so a night of recorded tv and MSE Not a penny spent.

kermit2601

YoungBusinessman wrote: »

Kermit im on fortnightly pay aswel, the best part about it is if you end up with 3 fortnightly pays in one calander month, its almost as if its alot easier to save money even if theres an extra week in the month. Would love to go for a drink tonight but rained off work today, weather is horrible so a night of recorded tv and MSE Not a penny spent.

I'm literally going for 1 drink. Could probably make the pouring rain excuse too but it's good beer and a few folk I've not seen in a while.

Hoping the fortnightly pay is going to work out ok but it's confusing trying to make sure I'm not leaving myself short for a couple of weeks when my DD's come out monthly.

YoungBusinessman

How many times iv said "one drink" though....wake up the next morning thinking what happened!:eek:

Knocking the drinking on its head is one challenge that will help me achieve this £1k emergency fund alot quicker. I think for every Saturday night i stay in £30/40 should be put into emergency fund.

Well the way it works for me is the start of the month i put x amount in joint account that i know covers everything as far as mortgage and household bills come too then i just need to work out what all is coming out my own account that month + a wee spends budget, shift the rest instantly, although i shift it to somewhere i still have access too it should i need it. Away to try and work out my next 3 pay month!

YoungBusinessman

1st, 15th and 29th of May 2015.....3 fortnightly pays in one calander month, need to make the most of it!